JPMorgan Chase & Co is initiating a new wave of layoffs in Asia, eliminating approximately 20 investment-banking positions due to subdued deal activity.

On Tuesday, the New York-based bank implemented these staff reductions throughout the region, predominantly affecting junior personnel at the associate and analyst levels. The impacted sectors include consumer, healthcare, and private capital markets. The individuals providing this information requested anonymity due to the confidentiality surrounding the matter.

The recent actions build upon a series of reductions made in February, impacting approximately 30 investment bankers in Asia. These actions mirror the decisions made by Goldman Sachs Group Inc and Citigroup Inc just last week. 

Over the past month, the four prominent Wall Street banks, including Morgan Stanley, have eliminated a minimum of 100 positions related to dealmaking in Asia. Those most affected have been employees based in Hong Kong and China, according to Business Standard. 

Amid the economic decline, global banks are striving to restructure their operations in order to maintain cost efficiency. Goldman Sachs, on a global scale, is currently undergoing its third round of workforce reductions within a year. This follows the elimination of numerous positions in September and an additional 3,200 jobs at the beginning of this year.

According to data compiled by Bloomberg, deal activity remained subdued in the second quarter. Equity offerings in the Asia-Pacific region experienced a significant decline of nearly one-third compared to the previous three months. Additionally, announced mergers decreased by 21%.